Whitney Baker on the End of ‘Buy the Dip’ & the American Bubble | #586

Today we’re joined by Whitney Baker, founder of Totem Macro and one of the sharpest minds in macro investing. Whitney was previously the head of Emerging Markets at Bridgewater Associates and worked at Soros Fund Management under current Treasury Secretary Scott Bessent. In today’s episode, Whitney discusses the current macroeconomic landscape, emphasizing the end of the ‘buy the dip’ mentality and the unique challenges the U.S. faces as the bubble finally comes to an end. She touches on the challenges and opportunities in emerging markets, the impact of tariffs & AI on global growth dynamics, and ‘The Triple Yasu’ phenomenon. Finally, Whitney addresses the role of gold in investment portfolios, advocating for its inclusion as a hedge against currency debasement and economic uncertainty.

Kim Flynn - Unlocking Alternative Investments | #585

Today’s guest is Kim Flynn, President of XA Investments, which helps provide access to alternative investments. She was previously the Head of Product Development for Nuveen Investments Global Structured Products Group. In today’s episode, Meb and Kim discuss the democratization of alternative investments in relation to the recent explosion of interval funds. Then, Kim covers the challenges and opportunities in the interval fund space, and the potential for innovation with different asset classes, and best practices for advisors and investors interested in these products.

Cole Wilcox on The Power Law of Investing | #584

Today’s guest is Cole Wilcox, CIO of Longboard Asset Management, a boutique asset manager specializing in alternative investment strategies. In today’s episode, Cole walks through one of my favorite papers of all time, Does Trend-Following Still Work On Stocks? Hint: it does. Cole explains why you have to be a good loser to be a good investor, how power laws dominate the stock market, and the set up for trend following going forward.

Apollo's Alex Wright on The Role of Private Markets in Modern Portfolios | #583

Today’s guest is Alex Wright, Global Wealth Strategist at Apollo. In today’s episode, Alex discusses the fragility of public markets, citing high valuations, rising correlations, and limited diversification opportunities, which prompt a need to reassess traditional 60/40 portfolios. Then he walks through the opportunity in private markets, including private equity, private credit and infrastructure. Alex explains why private assets can offer a potential pathway to enhanced diversification and capture opportunities in an expanding and evolving investment universe.

BCG’s Philipp Carlsson-Szlezak on Global Macro: Recession Risk, Tariffs, Debt Dynamics | #582

Today’s guest is Philipp Carlsson-Szlezak, Global Chief Economist at BCG and author Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk. In today’s episode, Philipp starts by sharing his framework to assess macroeconomic risk, emphasizing the importance of adapting to changing global conditions. Then he applies that framework to the world today and shares his view on tariffs and changing trade relations, the impact of AI on labor and the deflationary effects of technology. He also covers global currencies, including the dollar and gold, and if he believes we are headed for a recession.

Jeremy Grantham, John Arnold & Sam Zell Share Most Memorable Investments | #581

Today’s episode features the most memorable investments from Jeremy Grantham, John Arnold and Sam Zell.

Carl Kawaja – Navigating the Investment Landscape: AI, Tariffs, Sports Gambling & More | #580

Today’s guest is Carl Kawaja, a Portfolio Manager with Capital Group for over three decades. In today’s episode, Carl shares insights into his investment philosophy, early experiences, and the current market landscape. He discusses the transformative impact of AI on semiconductor demand, the challenges posed by tariffs and supply chain dynamics, and the evolving landscape of sports gambling. Carl also reflects on the enduring value of certain companies, particularly in the context of evolving market conditions.

UBS’ Paul Donovan on Tariff Trouble, Swiftonomics & Republican Swings | #579

Today’s guest is Paul Donovan, Chief Economist of UBS Global Wealth Management. In today’s episode, Paul discusses the impact of structural changes in the economy, particularly in relation to flexible working and demographic shifts. The discussion also touches on the disparities in innovation between the US and Europe, the ongoing trend of spending on experiences rather than goods, and the role of AI in enhancing productivity.

Francois Rochon - Outperforming the Market for 30+ Years Through Patience, Humility & Rationality | #578

Today’s guest is Francois Rochon, the President of Giverny Capital, which has returned over 15% per year for over 30 years. In today’s episode, Francois walks through the influence of Peter Lynch and Warren Buffett on his investment philosophy. He highlights three principles that have helped him navigate market cycles in his career: patience, humility and rationality. We also walk through some of the lessons learned from his investment mistakes, which he highlights in his annual letters.

UBS' Mark Haefele – The New Rules of Investing From A $4 Trillion Investment Advisor | #577

Today’s guest is Mark Haefele, the Chief Investment Officer of UBS Global Wealth Management where he advises on over $4 trillion. He’s also the author of ‘The New Rules of Investing.’ In today’s episode, Mark emphasizes the significant role of government spending in shaping investment decisions. He touches on the importance of asset allocation and discusses the challenges of generational wealth transfer. Mark also introduces the concept of the three L's—liquidity, longevity, and legacy—as a framework for effective portfolio management.

Christopher Zook - Accessing Private Markets (Pro Sports Teams, Private Equity & GP Stakes)

Today’s guest is Christopher Zook, founder and Chief Investment Officer of CAZ Investments, which has invested $8 billion and is one of the top 180 allocators to private equity in the world. In today’s episode, Christopher explains what led him to build his firm with a focus on private markets. He walks through some of the investment themes he’s focused on: GP stakes, professional sports franchises and digital disruption. He also addresses how he mitigates risk and handles illiquidity with each theme.

Barry Ritholtz - Debunking Investment BULLSH$T! | #575

Today’s guest is Barry Ritholtz, Chairman, and CIO of Ritholtz Wealth Management, which manages over $5.7 billion for 3,900 families. His latest book, ‘How Not to Invest,’ offers a blueprint to help you make better decisions and achieve financial success. In today’s episode, Barry & I discuss the pitfalls of relying on experts for investment advice, the dangers of panic selling, the allure of following investment gurus, and the value of meaningful experiences over material possessions.

Buy Stock Where You Shop With Grifin | Aaron Froug | #574

Today’s guest is Aaron Froug, founder of Grifin, the company that helps you buy stock where you shop. In today’s episode, Aaron explains how the app connects everyday spending with investing by automatically buying stock in a company you make a purchase from. Meb & Aaron also touch on financial literacy, the benefits of consumer loyalty, and the future for the company. New users earn a $25 bonus by using the code INVEST.

Jacqueline Faber: A Journey into Dark Academia | #573

Today’s guest is Jacqueline Faber, the author of The Department … and Meb’s wife! In today’s special episode, Meb & Jacqueline discuss the book’s themes, including trauma, memory, and the impact of the Kitty Genovese case. They both talk about how they approach the writing process, the art of getting noticed in a crowded market, and how to engage your audience with unreasonable hospitality. Be sure to get a copy of The Department today and leave a review!

MEBISODE: Can We All Invest Like Yale?

In today’s Mebisode, Meb reads his latest paper, “Can We All Invest Like Yale?”

Goldman Sachs’ Peter Oppenheimer on Concentration, Corrections & What To Do Next | #572

Today’s guest is Peter Oppenheimer, Goldman Sachs’ Chief Global Equity Strategist and Head of Macro Research. He’s also the author of Any Happy Returns: Structural Changes and Super Cycles in Markets, which explains how cycles help explain investor returns. In today’s episode, Peter discusses how structural changes in macroeconomic drivers, geopolitics, government policy and social attitudes all combine to drive secular super cycles that help to explain investor returns. Then he focuses on what he calls the Post-Modern Cycle, which features a higher cost of capital, bigger governments and less globalization. He also touches on how AI and de-carbonization may impact financial market returns and opportunities. Throughout the episode, Peter emphasizes the need for diversification in investment strategies to both manage risk and enhance returns.

Former Merrill Strategist Chuck Clough – This Time is Different | #571

Today’s guest is Chuck Clough, Chief Investment Officer of Clough Capital. Chuck is well known from his time as the Chief Global Investment Strategist at Merrill Lynch until 2000 and has spent over six decades in finance. In today’s episode, Chuck shares insights from his illustrious career, reflecting on the challenges of the 1970s and the market crash of 1987. Chuck explains what it was like to be bearish during the dot-com bubble and watch Cisco go up 6x after he turned bearish, only to then decline by 95%. He compares the current stock market to the dot-com bubble, talks about the impact of AI on various sectors, and finishes with lessons from working alongside legends like Bob Farrell & Richard Bernstein.

Jim Masturzo - Fragile Markets, Strong Portfolios: 2025 Asset Allocation Playbook | #570

Today’s guest is Jim Masturzo. Jim is the CIO of Multi-Asset Strategies at Research Affiliates and is responsible for the firm’s tactical asset allocation and cross-asset portfolios. He is also co-portfolio manager on the PIMCO All Asset and All Asset All Authority funds. In today’s episode, Jim & I discuss the evolving landscape of asset allocation. He highlights the fragility of US markets amid high valuations, the divergence between China & India, and why private equity expectations may not align with public equity fundamentals. He also explores the current landscape of fixed income and explains why he thinks the impact of AI on productivity may not be as positive as expected. P.S. – do you know the origin of the 60/40 portfolio? Shoot us a message at [email protected].

Brian Jacobs on Bond Myths, Tax Strategies, Home-Ownership and Dynamic Investment Strategies | Aptus Capital Advisors | #569

Today’s guest is Brian Jacobs, Portfolio Manager and Investment Strategist with Aptus Capital Advisors. In today’s episode, Brian and I talk about some investing truisms, including the CAPE ratio, home ownership, the ideal bond allocation, tax-efficient strategies and more. We also discuss Aptus Capital Advisors’ unique approach to hedged equity products and defined risk strategies, as well as the benefits of minimum volatility and trend following in portfolio management.

Mike Maples on 100x Investments, Lessons from David Swensen & the AI Revolution | #568

Today’s guest is Mike Maples Jr. a partner at Floodgate, a pre-seed and seed-stage venture capital firm that’s invested in companies like Twitter, Lyft, Twitch, Okta. He’s also the author of Pattern Breakers: Why Some Start-Ups Change the Future. In today’s episode, Mike shares his framework for investing in successful early-stage companies. He explores the nature of startups as acts of disagreement with the status quo and the importance of being disagreeable in the entrepreneurial journey. Mike also touches on the evolving landscape of IPOs and private markets, the transformative power of AI, lessons from one of his first Limited Partners, Yale’s David Swensen, and more.